Today, Lenovo announced that its acquisition of Motorola from Google is complete. The deal cost the Chinese company $2.91 billion and was announced in late January. Motorola remains headquartered in Chicago and it's brand is intact, but it's now a "Lenovo company".

Lenovo will operate Motorola as a wholly-owned subsidiary. It owns the brand and the company's portfolio, including current products like the Moto X 2014, Moto G 2014 and the Moto 360.

"Today we achieved a historic milestone for Lenovo and for Motorola and together we are ready to compete, grow and win in the global smartphone market. By building a strong number three and a credible challenger to the top two in smartphones, we will give the market something it has needed: choice, competition and a new spark of innovation," - said Yang Yuanqing, chairman and CEO, Lenovo.